Correct Answer: Identifying potential risks

Solution : The correct answer is (c) Identifying potential risks

Identifying potential risks is a critical step in the planning process, especially for a new product launch. This involves conducting a thorough risk assessment to understand and anticipate possible challenges and uncertainties that may impact the success of the launch. By identifying these risks early in the planning stage, XYZ Software Solutions can develop strategies to mitigate or manage them effectively.

While evaluating alternatives, setting objectives and goals, and allocating resources are important steps in the overall planning process, identifying potential risks is a specific step that focuses on understanding and managing uncertainties that could affect the success of the new product launch.

Correct Answer: Support and promote new business ventures

Solution : The correct answer is (c) Support and promote new business ventures

The primary objective of the Startup India initiative is to support and promote new business ventures, particularly startups. It provides a range of benefits, incentives, and exemptions to encourage the growth and development of startups, fostering innovation and entrepreneurship in the country.

Correct Answer: Initiative

Solution : The correct answer is (d) Initiative

Initiative in management principles encourages employees to take the initiative, be proactive, and take on responsibilities beyond their basic job requirements. It involves empowering employees to make decisions, propose new ideas, and contribute to the organization's success. This principle reflects a culture of encouraging innovation and independent thinking among employees.

Correct Answer: Setting performance standards and measuring actual performance
 

Solution : The correct answer is (b) Setting performance standards and measuring actual performance

Controlling in management includes setting performance standards or benchmarks, measuring actual performance against these standards, and taking corrective actions as necessary to ensure that the organization's objectives are being met. It involves monitoring and regulating various activities and processes to maintain performance within established parameters. Controlling specifically focuses on performance measurement and adjustment to ensure the organization's goals are met.

Correct Answer: Personal objective

Solution : The correct answer is (d) Personal objective

Personal objectives in management pertain to the individual goals and aspirations of employees within the organization. While individual goals are important, the primary objectives of the organization typically fall under economic, social, or organizational objectives. Economic objectives focus on financial performance and stability. Social objectives relate to the organization's social responsibilities. Organizational objectives generally encompass the overall goals and success of the organization. Personal objectives, while significant to employees, are secondary to the broader organizational goals.